Qatar’s leading logistics provider GWC has posted a 2016 net profit of QR205.7mn, up 11% on the previous year.
The company has maintained its growth by increasing its operational efficiency, improving profit margins, and actively seeking new revenue streams, drawing in gross revenues of QR849.5mn at the end of 2016, representing an 8% increase from QR787.9mn in 2015.
Assets reached QR3.74bn by end-December, compared with QR2.98bn at the end of December 2015, representing a 26% growth.
GWC chairman Sheikh Abdulla bin Fahad bin Jassem bin Jabor al-Thani said, “Every effort has been taken to ensure that the company serves the best needs of the State of Qatar as it diversifies from oil dependency to a diversified and sustainable economy.
“It is through this lens that we find, in the current climate, a wealth of opportunity to develop, innovate and prosper; thereby recompensing our stakeholder’s investment and trust in us, and our pursuit of the Qatar National Vision 2030,”
GWC has moved forward on its various development initiatives in 2016, with resources poured into the completion of the GWC Bu Sulba Warehousing Park and preparations for launch of operation set for the first quarter of 2017.
The 517,375 sq m facility is equipped to handle the varying demands of the small and medium enterprises (SMEs), demonstrating flexibility in design and service needed to accommodate the diverse industries it will serve.
The company also saw developments in its various current facilities, with the completion of the Phase V expansion in the Logistics Village Qatar (LVQ), adding 45,000 sq m of storage capabilities within the 1mn sq m fully-integrated logistics hub, in addition to new accommodation and recreational facilities.
GWC also added 64,000 sq m of fully-integrated, specialised Hazmat logistics solutions to its Ras Laffan Industrial City hub in the West Side Support Area at the beginning of 2016.
The company’s departments also made significant developments in their respective fields. GWC Contract Logistics expanded on a number of their contracts, completing the rollout of several programmes it had begun for clients in the health, retail and telecom sectors.
GWC Forwarding held on to its position as the top freight forwarder in Qatar, and “enhanced value” for its clients’ projects by offering new products that “reduce turnaround time” for many shipments, the company said.
GWC Records maintained its 100% client retention record while adding clients among ministries, government authorities and financial institutions.
Meanwhile, GWC Relocations, Fine Art, and Transport expanded on the types of services they offer, while making significant contributions to the company’s revenues.
Beyond Qatar, GWC’s Dubai operation is contributing to the growth of the company in extending its reach to the UAE market and beyond. This progression, the company said, has led to the acquisition of two warehousing properties, which will meet local demand and help better coordinate GWC’s international distribution operations.
“Considering the breadth of the company’s success, and to reward the trust the shareholders have placed in GWC”, the company’s board of directors has recommended a 16% dividend to shareholders.
The recommendation will be presented before the company’s Assembly General Meeting here on January 30.
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